Is This The Real Reason Behind Cryptos $200 Billion Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon And Solana Price Boom?

bitcoins bitcoins , Ethereum and other major cryptocurrencies BNB tracks .XRP waves , Suspension from the snow , dogecoin dog coin , polygonal and solana withered increased over the past month, part of JPMorgan's "catastrophic" doomsday scenario that may have just begun.

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The price of Bitcoin surpassed $30,000 per bitcoin for the first time since last June, after Coinbase CEO Brian Armstrong confirmed a long-awaited bitcoin upgrade and ethereum accelerated on the brink of its game-changing upgrade. The broad rally in cryptocurrencies over the past month has largely been fueled by rising expectations that the Federal Reserve will soon ease its historic interest rate hike program.

Now, as traders prepare for the latest inflation data that could derail the prices of Bitcoin, Ethereum and other cryptocurrencies, one closely watched analyst says there may be another overlooked catalyst behind the recent cryptocurrency rally.

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"Stablecoin Tether (USDT)'s market capitalization has now increased by $13.8 billion to $80 billion," wrote Marcus Thilen in an email note from Matrixport. and aggressive throne issues the throne network" represents a $44 billion commitment.

"USDT issuance on Ethereum is another $35 billion, but the gap between USDT issued on Tron and Ethereum is currently widening significantly."

Many crypto-watchers have pointed to the potential for the Fed to taper in the face of rising recessionary risk as the job market surges and bitcoin's price rises.

"The higher-than-expected U.S. jobless claims suggest the Federal Reserve may hold off on raising interest rates, which could favor riskier assets like cryptocurrencies," Rachel Lin, CEO of cryptocurrency trading platform Synfutures, said in an emailed statement. "Conversely, a higher unemployment rate could signal a looming recession that would negatively affect all workers."

However, as the market priced in a series of rate cuts this year, Fed Chairman Jerome Powell warned against expecting a rate cut in 2023.

Tether has faced a series of buyouts in the past year as the fall in cryptocurrency prices has wreaked havoc on crypto firms, bankrupted some of the industry's biggest names, and led to the collapse of a major cryptocurrency exchange.

While USDC Circle and Binance-branded BUSD have struggled this year due to the banking crisis and regulation, Tether has seen an influx of funds.

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"Circle USDC lost $11.8B, Paxos-Binance BUSD $9.4B," Thielen said. “Certainly, these big moves have had an impact on cryptocurrencies. Additionally, spot volume against derivatives is now down to just 11%, meaning that for every $11 spot traded, there are $100 traded in derivatives. This is the lowest rate. Since May 2022 and is a sign of "pure speculation".

Meanwhile, other cryptocurrency watchers are bullish after Bitcoin, Ethereum and cryptocurrency prices surged by $200 billion last month.

"Bitcoin's 10-month high should be confirmation that we are seeing a return to the cryptocurrency bull market," said Katherine Wooller, director of Coincover.

"Since the beginning of 2023, the cryptocurrency market has experienced frequent turmoil in the form of regulatory issues and crypto business failures, pointing to broader systemic problems. Nevertheless, the market continues to perform well regardless." .

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